For the second month in a row, the number of homeowners receiving a foreclosure filing fell compared to the previous month.
According to the online foreclosure tracking firm RealtyTrac, foreclosure filings declined 3 percent in May compared to April. Compared to a year ago, foreclosure notices increased less than one-half of one percent.
“The numbers in May continued and confirmed the trends we noticed in April: overall foreclosure activity leveling off while lenders work through the backlog of distressed properties that have built up over the past 20 months,” said James Saccacio, chief executive officer at RealtyTrac in a statement.
In other words, banks are repossessing homes on their foreclosure lists even as the number of new homes going from delinquent to foreclosure slows.
One in every 79 homes in Nevada received a foreclosure notice, a rate actually 16 percent lower compared to a year ago. That rate, however, is still five times higher than the national average of one in 400 homes. Arizona and Florida had the next highest foreclosure rates.
New Jersey had the 11th highest foreclosure rate with one in 440 homes receiving a foreclosure notice, a 20 percent increase from the previous month. Last month, the state had the 20th highest foreclosure rate.
New York State saw foreclosure filings drop more than 16 percent from May of last year.
Nationwide, the states of California, Florida, Michigan and Arizona accounted for nearly half of all foreclosure filings. California alone had more than one in five of homes nationwide that received a notice of foreclosure.